BUSINESS REPORTTo Shareholders and Investors

Protecting Human Life and Mother EarthBusiness Reportfor the88 TermthFrom April 1, 2020 to March 31, 2021

Securities Identification Code: 6455

Top Message

Greeting

Over the years since our company was founded in 1907, wehave shared the path with the history of Japan’s firefighting
technology development as a top manufacturer of firefighting vehicles. We would like to express our deepest
appreciation for the warm support and patronage ofshareholders and all those concerned.
The Morita Group has the slogan “Protecting Human Lifeand Mother Earth” and develops our four businesses of FireFighting Vehicles, Fire Protection Equipment & Systems,
Recycling Machines and Environmental Conservation
Vehicles while remaining committed to its mission ofprotecting human lives and property and the irreplaceable
nature on Earth and, to that end, we continue trying to comeup with greater innovations and creating new values.

The Morita Group established our new Mid-term Plan
“Morita Reborn 2025”, which sets fiscal 2025 as its final fiscal
year. In this plan, we set our basic policies as “increasing
the profitability of our existing business”, “cultivating andexpanding overseas businesses and new businesses”,“enhancing basic research capabilities and new productdevelopment”, “developing innovative human resources”
and “promoting CSR activities”. We will positively implement
these policies in order to become a global company
providing comprehensive disaster prevention solutions. With
all our energy, we will continue working on becoming acompany group widely trusted by society, so we would ask
for your continued support.

Masahiro Nakajima, Chairman & CEOKazumi Ogata, President

Overview of 88 th Term
Profit attributable toowners of parentNet sales

Operating income

Ordinary income¥84,667million¥8,855 million¥9,479 million¥6,224 million

Year on year

Year on year

Year on year

Year on year

DownUpUp

Down

2.6%

0.0%

During this consolidated fiscal year, our nation’s economy
entered an economic downturn after significant shrinkage
due to restrictions on social and economic activities
associated with the spread of COVID-19 worldwide. Although
the Japanese economy is expected to pick up due to theeffects of various policies and improvements in economies
outside of Japan, the outlook remains highly unpredictable
due to downside risks in the Japanese and overseas
economy caused by COVID-19 spreading once again.
In such a business environment, our group has been working
on reducing the risk of infection to our employees and all

1.6%

10.7%

of our stakeholders, carrying out business activities while
engaging in infection prevention measures.
With respect to our business results, our net sales decreasedby ¥2,254 million from the previous year to ¥84,667 million(-2.6%). Operating income increased by ¥0 million from theprevious year to ¥8,855 million (+0.0%), and ordinary income
increased by ¥153 million from the previous year to ¥9,479
million (+1.6%). Net income attributable to owners of theparent decreased by ¥747 million from the previous year to¥6,224 million (-10.7%), partly due to the recording of a gainon sales of fixed assets in the previous year.

MORITA NEWSBronto Skylift aerial platform delivered to NASA!
In April 2021, BRONTO SKYLIFT delivered a new aerial platform for the maintenanceof NASA’s deep-space communication antennas in California, USA.
NASA uses a communication system called the “Deep Space Network (DSN)” tocommunicate with spacecraft far away from the earth, and it operates three largeantenna complexes around the world for this purpose.
This time, the Bronto Skylift’s aerial
platform was selected to provide
maintenance for a large, 70 m
diameter antenna at the Goldstone
Deep Space Communications
Complex, which is one of the sites thatmakes up the DSN. In 2005, an aerial
platform of the same size class wasdelivered to a DSN facility in Canberra,
Australia, where it is used to conduct
maintenance work.
One of the antennas that uses an aerial platform
for its maintenance

The aerial platform delivered to NASA

BRONTO SKYLIFT OY AB
Based in Finland, BRONTO SKYLIFT joined the Morita Groupin 2016. BRONTO SKYLIFT is one of the world's top brands
for truck-mounted aerial platforms and sells its products
to more than 100 countries worldwide, including aerialplatforms that can reach a maximum working height of 112 m.

The “Miracle KiyoraTM ” garbage truck odor reduction device
for “Comfortable Work Without Bothersome Odors”

Reduces on-site odors
during work operations

With the aim of improving conditions around the area where garbage collectionis done and the working environment for operators, MORITA ECONOS jointly
developed the “Miracle KiyoraTM” odor reduction device for garbage trucks with theReduces odors
Kao Corporation under the concept of “Comfortable Work Without Bothersome
while driving
Odors.” This device uses an odor-reducing agent and nano-spraying technology toreduce offensive odors emitted by kitchen waste and other items, and sales of thedevice began in January 2021. “Miracle KiyoraTM” uses an odor-reducing agent with arefreshing herbal fragrance that is inspired by forest bathing and sprays from insidethe truck’s loading hopper to reduce the odor around the loading hopper with theReduces odorsthat stay after work
aim of improving the environment for garbage collection work. Through the use ofnano-spraying technology, fine and lightweight particles can be quickly dispersedand suspended inside the truck’s loading hopper to efficiently reducing odors. This
contributes to the resolution of issues related to odors in various situations, such as
reducing on-site odors while loading trash, residual odors while driving, and odors that stay on work clothes.
The device is compatible with every garbage truck model manufactured by MORITA ECONOS and can also be installed in vehicles that arecurrently in use.
MORITA ECONOS will continue to value the opinions of our customers and pursue better products that are environmentally friendly.

The delivery of the first Morita original cabin designed with the image of“a machine that assists the heroes (fire fighters) who protect the community”
MORITA has created a new model of the Morita original cabin “Intelligent Attacker” that combines design, safety, and functionality at a high level.
The new model inherits the design of Morita's original high-roof cabin Red Armor while also dramatically expanding the interior space ofthe cabin. It achieves a modern and powerful exterior design and evokes the image of “a machine that assists fire fighters, the heroes who
protect the community.”
For safety, visibility from the inside of the cabin is enhanced by placing window glassat four locations on each side of the rear of the cabin, making it easier for rear-seatcrew members to confirm safety.
In terms of functionality, a deployable steps are adopted to further improve the easeof getting on and off the cabin. In addition, to achieve a large cabin space, the rearseat of the double-cab is extended to ensure the largest rear-seat space in this class.
Furthermore, the rear seats secure an indoor height of 1,880 mm in consideration ofcrew members wearing helmets. It is also possible to choose a walk-through typecabin layout that allows for moving between front and rear seats.
The Morita original cabin “Intelligent Attacker” is available in a wide range of models,such as rescue vehicles and water tenders.
*The photo shows the first such Morita original cabin
To assist firefighting and disaster relief activities, MORITA provides firefighting vehicles delivered to the Kasuga-Onojo-Nakagawa Fire Department inFukuoka Prefecture in February 2021.
that are easy to use and contribute to safety and security.

Cover page

Picture drawn by Ayato Nagai (4th grader *at the time of application),winner of the first prize in the 16th "Future fire truck" idea contest for elementary students nationwide.

OPER ATION HIGHLIGHTS

Financial Highlights (Consolidated)
Net sales

Operating income

Profit attributable to owners of parent

Unit: Millions of yen

Unit: Millions of yen

Unit: Millions of yen

9,483

6,391

85,502

91,52486,922 84,667
8,483

2018.32019.32020.32021.32018.32019.3

8,855

8,855

5,741

2020.32021.32018.32019.3

6,971

2020.36,224

2021.3Operating income to net sales

Return on equity (ROE)

Dividend on equity ratio (DOE)

Unit: %

Unit: %

Unit: %

9.8
9.9

10.4

10.2

10.0

10.2

8.4

10.5

2.0

2018.32019.32020.32021.32018.32019.32020.32021.32018.3

2.4

2.5

2019.32020.32.3

2021.3

Performance by Segment
Fire Protection Equipment& Systems BusinessFire Fighting Vehicles BusinessNet sales

Operating income

Net sales

Operating income

Year on year

Year on year

Year on year

Year on year

Down 8.8%

Down 42.5%

Up 1.5%Up 15.8%

18,035 million yen 988 million yen
Due to sluggish sales of theautomatic fire extinguishingsystem, sales and income
decreased.

51,784 million yen 6,621 million yen

21.3%
Net sales
composition

Net sales

12.8%
4.7%
Operating income

Year on year

Up 1.1%

Environmental Conservation
Vehicles Business

Due to the solid
domestic sales,sales and income
increased.

61.2% Recycling Machines BusinessNet sales

Operating income

Year on year

Year on year

Year on year

Up 0.2%

Down 26.0%

Down 39.3%

10,870 million yen 882 million yen

Due to the solid sales of
products, sales and income
increased.

3,977 million yen 308 million yen
Due to sluggish sales ofproducts, sales and income
decreased.

Company Profile and Stock Information
Company NameFoundedEstablished
Paid-in capital
Osaka Head Office
Tokyo Head OfficeBusiness

MORITA HOLDINGS CORPORATION
April 23, 1907
July 23, 1932
4,746 million yen3-6-1 Dosho-machi, Chuo-ku, Osaka-shi, Osaka
5-36-7 Shiba, Minato-ku, Tokyo
Control/management of business activities ofgroup companies, and being entrusted withindirect management operations

Major Group Companies
MORITA CORPORATION 1-5 Techno Park, Sanda-shi, Hyogo,669-1339, Japan

Development, manufacturing and sales of laddertrucks, fire trucks, and specialty vehicles

MORITA MIYATACORPORATION

3-5-7 Ariake, Koto-ku, Tokyo, 135-0063, Japan
Development, manufacturing and sales of fire
extinguishing-related equipment,mainly of fire
extinguishers, fire fighting equipment, and fire
protection-related equipment

1530 Konoda-cho, Funabashi-shi,
MORITAENVIRONMENTAL TECH Chiba, 274-0081, Japan
Design and construction of waste recycling facilities
CORPORATION
and other waste disposal facilities. Development,manu f a c t ur in g an d s al e s o f larg e hydr auli cequipment

Executives
Chairman & CEO
President
Director and Managing Executive Officer
Director and Managing Executive Officer
Director
Director
Director
Full-Time Corporate Auditor
Full-Time Corporate Auditor
Auditor
AuditorMasahiro Nakajima
Kazumi Ogata
Kunio Morimoto
Shinichi KanaokaMitsuo Isoda
Takao Kawanishi
Masaki Hojo
Eiji Asada
Atsushi Miyazaki
Masaru Ota
Shozo Nishimura
Shinya Murai
Mitsuru Ito

Managing Executive Officer
Executive Officer

MORITA ECONOSCORPORATION

28 Techno Park, Sanda-shi, Hyogo,669-1339, Japan

MORITA TECHNOSCORPORATION

32 Techno Park, Sanda-shi, Hyogo,669-1339, Japan

Development, manufac turing and sales ofenvironmental conservation vehicles such as sanitary
vehicles (vacuum trucks) and garbage collectors

Aftercare service and maintenance of fire trucks andof rescue equipment. Development, manufacturingand sales of electronic applied machinery andinformation processing machinery

BRONTO SKYLIFT OY AB Teerivuorenkatu 28, FI-33300 Tampere,
FinlandDevelopment, manufacturing and sales of combined
platform ladders and aerial platforms

Breakdown of Shares
by Type of Shareholder
Treasury shares 3.2%

As of March 31, 2021

Securities companies

0.6%

Other Japanese
corporations

8.1%
Information about the Stock
Fiscal Year

April 1 to March 31

Annual General Meeting ofShareholders

June

Non-Japanese
corporations

16.9%

Total

46,918,542
sharesIndividuals/others

Reference Dates

Annual General Meeting of Shareholders - March 31
Year-end Dividend - March 31
Interim Dividend - September 30
Other dates published in advance as necessary

Method of Public Notice

Posted as electronic public notice on company website
https://www.morita119.com/kohkoku/index.html

Shareholder Registry
Administrator

Sumitomo Mitsui Trust Bank, Limited
1-4-1 Marunouchi, Chiyoda-ku, Tokyo

Handling Office ofShareholder Registry
Administrator

Stock Transfer Agency Department, Sumitomo Mitsui
Trust Bank, Limited
4-5-33 Kitahama, Chuo-ku, Osaka-shi, Osaka(Postal Address)

Stock Transfer Agency Department, Sumitomo Mitsui
Trust Bank, Limited
2-8-4 Izumi, Suginami-ku, Tokyo, 168-0063

28.2%

Financial institutions

Major Shareholders (Top 10)
Name

The Dai-ichi Life Insurance Company, Limited
The Master Trust Bank of Japan, Ltd. (Trust account)
Morita Trading-Partner Shareholding Association
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation

43.1%

As of March 31, 2021

No. of shares(thousand)

3,265
2,345
2,288
2,087
2,082
2,048
2,007
1,769
1,730
1,017

(Telephone Inquiries)+81-3-3323-7111(Internet Website URL)

https://www.smtb.jp/personal/agency/index.html

Stock Exchang Listing

Tokyo Stock Exchange

NORTHERN TRUST CO. (AVFC) RE HCR00

100 shares

Notes: 1. Number of shares held is rounded down to the nearest thousand shares.
2. The Company holds treasury shares numbering 1,482 thousand shares.

Number of shares per unit

Protecting Human Life
and Mother Earth

AIR WATER INC.

Osaka Head Office
3-6-1 Dosho-machi, Chuo-ku, Osaka-shi, Osaka, 541-0045
Tel. +81-6-6208-1907

Tokyo Head Office
MORITA HOLDINGS CORPORATION

Custody Bank of Japan, Ltd. (Trust account)

5-36-7 Shiba, Minato-ku, Tokyo, 108-0014
Tel. +81-3-6400-3480

https://www.morita119.com